THE CASE OF PASSFORT AND THE CRYPTO GIANT BITPAY

BITPAY'S BUSINESS PROFILE THE SOLUTION

BitPay is a pioneer and leader in global payments. The PassFort was selected by BitPay to automate its customer onboarding company’s suite of products enable businesses to accept journeys and carry out ongoing risk monitoring. We have now worked payments globally for ecommerce goods and services or cross border together closely for 2years. transactions while receiving settlements in fiat currency. BitPay has a high volume of new customers applying for its products each In addition, BitPay powers a secure wallet used to store cryptocurrency, day across the world. The number of approved applications more than make payments or liquidate cryptocurrency to fund a prepaid debit card or doubled from 12k in Q1 2020 to +30k in Q2 2020. dozens of retail gift cards. The BitPay Card enables customers to instantly turn cryptocurrency into fiat currency, which is then loaded onto the card PassFort digitised BitPay's workflow of KYC checks, maximising Straight and can be spent anywhere Mastercard debit is accepted around the Through Processing (STP), which means high numbers of applications can world. be handled with no manual intervention.

It has a global customer base and is experiencing huge growth. The BitPay achieves an average STP rate of 89%. company has offices in , USA, and Europe, with 38 FTE in risk and customer success functions working on Customer Lifecycle Management It was also hugely important for BitPay to reduce abandonment rates processes. during due diligence. This was about PassFort helping to make the KYC process as fast and frictionless as possible. THE BUSINESS CASE PassFort has been able to reduce the average Time To Decision (TTD) to 3mins on new applications. And, working with our data provider partners, BitPay's philosophy has always been to set a compliance standard in the BitPay's approval rates increased by 9% from Q1 2020 to Q2 2020. world of blockchain payments. It is the largest payment processor in the world and sets a best practice precedent in terms of meeting PassFort has ensured high volumes of applications can be processed regulation. automatically; delivered faster Time To Decision on applications; BitPay is very well established, serving leading merchants around the world helped increase approval rates; and it has achieved rapid growth. The firm is expanding by introducing new and ensure BitPay sets a standard for compliance. individuals and businesses to the world of crypto payments each day.

With the hope of welcoming a world of new customers, BitPay needed a CLM solution that would scale, achieve higher conversion rates, reduce drop offs and deliver practice on KYC compliance and risk management. PASSFORT BITPAY'S SENIOR PRODUCT MANAGER, YAMINI SAGAR SAYS... "BitPay is a pioneer and leader in global blockchain payments. It has grown into the largest bitcoin PassFort is a single SaaS solution transforming payment processor in the world, serving industry-leading merchants on six continents supporting Customer Lifecycle Management for Financial hundreds of thousands of cryptocurrency users. It is a registered Money Service Business with Services firms. From onboarding to offboarding FinCEN, a licensed money transmitter in numerous states and regulated business that complies with to ongoing risk monitoring, we deliver full the Bank Secrecy Act. compliance and great customer experience. BitPay is going through an exciting period of rapid growth with the addition of more crypto payment By digitising customer due diligence processes, products for both businesses and individuals everywhere. automating KYC and AML checks, and supporting risk monitoring we help regulated firms create efficiency and achieve faster time I am very impressed with PassFort as it helps to decision. BitPay in setting a great compliance standard and framework for the crypto industry.

Passfort has scaled to support our demand with its great platform and world-class team!

GET IN TOUCH BitPay is now able to provide its customers with a great onboarding experience that is robust, Please get in touch to discuss automation and automated and seamless. PassFort also provides us efficiency in your Customer Lifecycle with great ongoing risk monitoring, real-time alerts management processes. and reports.

Onboarding Off boarding I love working with PassFort and the PassFort team; they make KYC, KYB, PEP/Sanctions/Adverse Ongoing risk management Media checks, risk scoring, ongoing monitoring, data retention, detailed metrics and reporting actually a lot more fun and easy for us." Email [email protected] and a member of the team will get right back to you. "BitPay is now able to provide its customers with a great onboarding experience that is robust, automated and seamless."

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